Hgroup Completes Investment in Professione Casa
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Listed real estate broker Duna House announced that its Italian unit, Hgroup, completed an investment and cooperation agreement with Professione Casa, one of Italy's largest real estate agencies, according to an announcement on the website of the Budapest Stock Exchange.
Duna House had announced the signing of the agreement, subject to the fulfillment of certain conditions by Oct. 30, about a month earlier. Under the agreement, Hgroup acquired a 10% stake in Professione Casa and formed an exclusive cooperation to provide loan brokerage services to the real estate agency's clients for at least 15 years.
Hgroup will also cease the development of its own Realizza real estate network and integrate its real estate activity into Professione Casa.
Hgroup will pay a fixed fee of EUR 1.5 million in addition to a fee conditional on the quantity and quality of leads generated by the cooperation.
Duna House expects profits generated from the collaboration to reach an annual EUR 2 mln within 2 -3 years.
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